MMA Offshore Posts 55.8% YoY Profit Increase

MMA Offshore, the company born from the merger of Mermaid Marine Australia and Jaya Holdings in June 2014, posted a net profit of $37.7 million for the half year that ended on December 31, 2014. This represents a 55.8% increase over the same half-year in 2013 for what was formerly Mermaid Marine Australia. 

Revenue increased 80% year on year to $456.3 million, an increase the company credited to Australian vessel projects.

The consolidation of  Mermaid Marine and Jaya resulted in a fleet of over 60 modern offshore vessels and four strategically located onshore facilities in South East Asia and Australia. The company also said it has five new vessels currently under construction, including two ROV support vessels to be delivered in 2016 and two PSVs in 2017.

The company has also opened a new corporate office in the Singapore CBD to be closer to clients.

The first half results include the full impact of the Jaya business and are in line with expectations, the company said. The company declared an interim dividend of 4.0 cents per share.